@Anonymous wrote:Long story short. I let me spouse handle ALL our finances for the last 14 years. I want to be able to buy a house but I really don't know where to start or how to tackle this debt load. So many collection accounts. I recently reached out to one and they offered "pay for less than loan balance" to me.
Current scores
Experian (Fico score 8) 526
Equifax (VantageScore 3.0) 532
TransUnion (via NerdWallet) 520
What information do I need to provide to get some sort of help for a plan of action and/or advice?
Updated 03/03/2020
Hello all! Apologies for the delay.
Information from my Credit Report
I am not sure if there is a particular format to post this. Sorry in advance if it is complicated to read.
I also want to clarify that my spouse tried hard to keep things afloat over the years. I am at fault for living beyond our means especially in our 20's and not responsibly sharing the load of our finances. My wife had fallen ill and is at tears to me finding out about my credit score and the negative information on my report. Its been a couple of months and i am trying to face this head-on. I really want to thank you all in advance for any and all advice, plans, budget apps, that I can use in fixing and rebuilding my credit.
Open Accounts
Auto 1- $9,980 / $375 / Never late / opened 07/2017
Auto 2- $19,462 / $539 / Never late / opened 12/2017
Military Star Card- $1200 CL
$532 / $100-$200/ Never late / opened 06/2006
Capital One - $300 CL
$98/ $25-200/ Never late/ opened 11/2019
Closed accounts with balances /negative
Express card - $300 CL
$612/ 120 days past/ opened 12/2018
Chase - Charged off closed on 06/2017
$887
USAA CC - Charged off 12/2016
$1011
Personal Loan 1 - Charged off 06/2018. Was offered a "pay less than loan balance."
$5567
$3500 less than loan balance offer
Personal loan 2- charged off. 02/2016 $6027
this one is tricky. Late December 2019 i saw this on my CR. Looked into it mid Jan and said company was sold. No record of account at new company. February shows account at 0 balance, PAID/CLOSED. late 30 days 2 x, on Experian. No record of account on TransUnion.
Account shows on Equifax. Charge off Balance $3876.
over 50 inquiries.
I have no idea where to start. Net income is $5284 a month, family of 6.
Rent is $1800. Includes utilities.
Protect what you have in blue. Dont mess them up. The charge offs and that 120 day late are the hardest hits. You'll have to start setting up payment arraingements to get them settled or PIF. Either way they will have to report $0 balance once paid. They are killing your overall util %'s due to a charge off is like a maxed out card. Getting GW's on CO's isnt easy at all. For now pay what you can on the higest interest card and work your way down. If possible tackle one of the CO loans at the same time. Lastly. PLEASE no more apps for credit. 50 is way too many. Hope the good creditors dont do any AA's against you in the meantime. Good Luck!
PS. If would help if you could edit the above with Creditor Name/Credit Line/Balance/APR %. See who needs to be paid first to save in interest.
And welcome to the forums!!!!!!!!!!
